the government is changing their plan. instead of taxing at 6.75%, the will tax at 3%. >> shepard: this is a bank holiday in cyprus. they were going to open tomorrow. then they decided to wait until wednesday or thursday. now looks like friday. and along the way, there was a plan to tax large amounts of money at something close to 10%, and then every day folks at something less. that's the part you said they've taken down. >> that's the part they're concerned with. they know they're making the people who live there angry. if you woke up tomorrow and saw your account -- your mother's account was being impacted like this, you would be desperately unhappy. i can't imagine what kind of reaction we would get here in the u.s. >> the concern is that cyprus does this, you have problem in italy and spain. and then there's a run on their banks. >> you don't know the impact here. it's the rule of law. you're not supposed to take things that aren't you're, especially if you're the government. that's why you saw the market solidly nega